COATS Trading Features (February 08, 1988)

A takeover offer for all the shares of Newfield Mines has been made by Toronto-listed Jonpol Explorations. Jonpol is offering one common share for each Newfield share. Jonpol ended the day at $1.90 whereas Newfield was trading at $1.75. Newfield holds a royalty interest in a property being drilled by Jonpol in Ontario.

Urbana Corp. says that Nova Cogesco is drilling the company’s gold property in Quebec. The issue was quiet at 50 cents . Delbridge Mines traded at 40 cents . The company plans to continue drilling its DeSantis mine property near Timmins, Ont., after encouraging results where received from several zones.

Exxeter Resources continued at $1.20 on news that the company had brought in a partner to help fund exploration of its Nevada gold properties. Two other companies are exploring Exxeter’s gold property in Vauquelin Twp., Que. N3

** Dolphin private placements **

Dolphin Explorations has completed two flow-through share private placements which raised $690,000 for exploration purposes. The funds must be spent by Feb 29.

The first placement for $450,000 involves the issuance of 225,000 shares at $2 per share to New Venture Equities, a wholly-owned affiliate of International Corona Resources. Another placement of 120,000 shares at the same price was made to Royex Gold Mining Corp. Dolphin is one of the Royex group of companies.